The highest principle when handling objective difficulties in some BOT traffic projects is to ensure "harmonious benefits, shared risks"; openly, transparently and absolutely not to exploit or profit from policies.
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| BOT project to build the Thai Nguyen - Cho Moi route. |
Do not support more than 75% of investment costs
Talking to reporters from the Investment Newspaper on the afternoon of March 20, Mr. Nguyen Viet Huy, Deputy Director of the Vietnam Highway Department, confirmed that the Ministry of Transport (MOT) has just issued Report No. 3/TTr - The Ministry of Transport sent the Government solutions to handle difficulties and problems in a number of transport infrastructure investment projects in the form of BOT.
It is known that with nearly 150 A4 pages, including a report and 7 appendices, this is the most elaborately researched and prepared report ever by the Ministry of Transport, based on receiving instructions from Government leaders. Government and relevant ministries and branches include: Ministry of Planning and Investment, Ministry of Finance, Ministry of Justice, Ministry of Public Security, State Bank (SBV) and Government Inspectorate. The Ministry of Transport hopes that competent authorities will approve it to quickly resolve problems in a number of BOT traffic projects, including 8 BOT projects managed by the Ministry of Transport.
“In recent times, the Ministry of Transport has directly discussed with relevant parties (investors, businesses, banks...) to find solutions in the direction of jointly overcoming problems, inadequacies, and reducing maximize damages and follow the principle of harmonious benefits and shared risks; Calculate, fully evaluate and clarify the benefits and level of sharing of the parties", Mr. Nguyen Viet Huy said.
Previously, implementing the conclusions of the National Assembly Standing Committee and the Prime Minister's direction, the Ministry of Transport coordinated with localities to comprehensively evaluate traffic BOT projects throughout the country. On that basis, develop principles and solutions to handle difficulties and problems in traffic BOT projects and propose to apply solutions to handle problems in some BOT projects managed by the Ministry of Transport.
At the same time, the Ministry worked with the Standing Economic Committee of the National Assembly, investors, project enterprises, and credit-providing banks to complete and submit to the Government Proposal No. 4405/TTr- BGTVT on April 27, 4.
In Report No. 2451, the Ministry of Transport has set out a number of principles for handling difficulties and problems in traffic BOT projects, which emphasizes that the handling must ensure proper authority; Prioritize the application of treatment solutions according to the provisions of the signed project contract. In case of using state budget, priority will be given to additional state capital participation and support to continue implementing the contract.
In addition, the Ministry of Transport determined that state budget capital can only be used to handle difficulties and obstacles for BOT projects due to objective reasons, state agencies violating contract implementation, and other violations. The party has applied solutions according to the provisions of the contract but it is still not feasible. In particular, in all cases, do not use the state budget to handle difficulties and problems caused by subjective errors of investors/project enterprises.
To ensure the principle of "harmonious benefits, shared risks", in case of contract amendments and additional state capital support, investors need to consider reducing the profit margin by 50% compared to the profit margin. Profits in project contracts.
Credit-providing banks consider reducing loan interest rates during the exploitation phase for project investment loans in a manner that does not exceed the maximum interest rate for Vietnamese Dong deposits of organizations and individuals according to decision of the State Bank at the time of negotiation; At the same time, keep the debt group intact, restructure project investment loans in accordance with the revenue and debt repayment ability of the project enterprise.
In case of additional state capital, on the basis of calculating the financial plan, the parties determine the level of state capital that needs to be supplemented to ensure the principle of minimum additional state capital, ensuring that the project's revenue is enough to compensate cover the costs of managing, operating and maintaining the project according to the project contract, and paying loan interest according to the credit contract so that the parties can continue implementing the contract.
The maximum additional state capital ensures that the total state capital participating in project implementation does not exceed 70% of the total investment capital of the BOT project determined according to the value that has been settled or audited up to the date. calculate.
In case of contract termination, using state capital for payment, the investor and credit providing bank need to have a solution to share and minimize the amount of state capital requested for payment. In particular, priority will be given to allocating state capital to carry out contract termination procedures for BOT projects when the investor and the bank providing credit agree on a maximum sharing solution excluding equity profits. ownership and loan interest during the exploitation phase within the level of state capital requested for payment.
Terminating the contract ahead of time is only applicable to projects that have been completed and put into operation but do not collect capital recovery fees; The project has a decline in toll revenue due to objective reasons; The solution to amend the contract and supplement state capital has been applied but it is still not feasible to continue implementing the contract; The project poses a potential risk of causing loss of security and order.
Clear roles, clear authority
Based on the principles of handling difficulties and problems in BOT projects mentioned above, the Ministry of Transport proposes solutions to handle difficulties and problems in 8 BOT projects managed by the Ministry. These are projects that do not have a financial plan due to objective difficulties and problems that are not the investor's responsibility.
“The number of BOT projects that need to be handled is very small compared to the number of 140 BOT projects implemented before the PPP Law took effect. If there is no definitive solution, it will greatly affect project enterprises, especially credit institutions, and their level of trust and investment attraction environment, especially the Party's policies. State policy on attracting social resources in the PPP method", assessed the Ministry of Transport's leaders.
Also in Proposal No. 2451, the Ministry of Transport proposed that the Government unify solutions to handle difficulties and problems for 8 BOT projects managed by the Ministry and submit to the National Assembly Standing Committee for approval a plan to use about 10.650 billion VND from capital sources to increase revenue and save central budget expenditures in 2023 for implementation.
In case it is not possible to sufficiently balance capital sources to increase revenue and save central budget expenditures in 2023, report to the National Assembly to allow the use of medium-term public investment reserve capital to handle the situation.
In addition, the Ministry of Transport proposed that the Government direct the State Bank to review regulations, allowing banks to implement solutions to keep the debt group intact for credit loans to invest in BOT traffic projects, in order to keep up with the situation. time to remove difficulties for businesses and banks providing credit.
Regarding mechanisms under the authority of the National Assembly, the Ministry of Transport reports to the Government to consider submitting to the National Assembly for permission to supplement state capital to support BOT projects that have been put into operation and have reduced revenue due to customer reasons. (not due to the investor's fault), solutions have been applied according to contract regulations but are still not feasible; The maximum level of state capital participating in support is 70% of total investment capital determined according to audit and settlement results.
Allows allocating state capital to pay reasonable and legal costs according to audit and settlement results and terminate contracts ahead of time for BOT projects with contracts signed before the Law PPP is effective, but fees cannot be collected to recover capital, the project has a decrease in revenue due to objective reasons, additional state capital to continue implementing the contract is not feasible, the project has a potential risk of causing damage. high loss of security and order.
In case it is not possible to fully balance capital sources to increase revenue and save central budget expenditures in 2023, the Government proposes to the National Assembly to allow the use of medium-term public investment reserve capital to quickly and completely resolve difficulties. , problems with 8 BOT projects managed by the Ministry.
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